Nigeria seeks N12.3bn loan from World Bank, others to finance vaccine production plant

August 20, 2021
Nigerian govt receives 100000 doses of COVID 19 vaccines from India

Nigeria is in talks with the World Bank’s private lending arm and other lenders to raise about N12.3 billion ($30 million) to help finance the construction of a vaccine production plant.

This is coming 30 years after the only production facility was shut.

In an interview with Bloomberg, Oyewale Tomori, chairman of Biovaccines, which is 49 percent owned by the Nigerian government with the balance held by May & Baker Nigeria Plc, said construction of the plant will begin in the first quarter of 2022.

“We have done the last stages of our discussion with the International Finance Corp., Tomori, added

He also noted that biovaccines is in talks with companies in India and Indonesia to transfer technology, used.

“The plant in Otta, in the nation’s southwest Ogun State will initially “fill and finish” vaccines while full manufacturing “will come with time” and in collaboration with foreign partners.

Fill and finish involves importing the raw material for the vaccines and then packaging it for distribution. South Africa’s Aspen Pharmacare Holdings Ltd. and the Biovac Institute operate similar facilities.

Leave a Reply

Your email address will not be published. Required fields are marked *

WP2Social Auto Publish Powered By :